Dorsey’s fintech Block to build open bitcoin mining system

The company wants to make bitcoin mining “more distributed and efficient in every way”

Block logo                                 
Block (formerly Square) is the fintech firm set up by ex-Twitter CEO Jack Dorsey – Photo: Shutterstock

Jack Dorsey’s payments company Block, formerly known as Square, has announced that it plans to build an open bitcoin mining system this year.

Block’s hardware general manager Thomas Templeton made the announcement on Twitter, saying that the firm wants to make mining “more distributed and efficient in every way, from buying, to set up, to maintenance, to mining”.

Building the metaverse

Templeton added that Block recognises the potential of mining, as a long-term need for a future “that is fully decentralised and permissionless”.

This isn’t the first time that Dorsey has hinted at bitcoin mining. Back in October, Dorsey tweeted that he was considering building a bitcoin mining system which would be built in tandem with Block’s hardware wallet model, “in the open, in collaboration with the community”.

The price of bitcoin rallied past $62,000 following Dorsey’s tweets.

One month later, Dorsey, who co-founded Twitter in 2006, announced his departure from the social media platform to concentrate on building out Block. He remains a Twitter board member.

In December, Block Inc became the new Square as the company rebranded to focus, in future, on the world of cryptocurrencies and blockchain. The new company still trades under the ticker symbol SQ.

At present, no timeline has been suggested as to when Block’s system will be ready for launch.

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